Solana (SOL) finally lost following a block production failure since last night at 8 local time, leaving the network in "offline" status for 15 hours.
The sad news was announced by Solana itself via an official tweet: "Mainnet-beta Solana is facing temporary instability… Lack of resources on the network resulted in denial of service."
Solana mainnet-beta is experiencing intermittent instability. This began approximately 45 minutes ago, and engineers are investigating the issue.
- Solana Status (@SolanaStatus) September 14, 2021
The incident has dragged the SOL price down more than 18% in 24 hours from a daily high, $ 174.83 on Sept. 13 to a daily low, $ 142.63 on Sept. 14.
At the time of writing, SOL is trading at $ 157.53, down over 5% in 24 hours.
With transaction failures over the past 12 hours, it shows Solana Labs and its community are still trying to ‘revive’ the network. At the same time, the node operator is currently resetting the network status to resume transaction validation.
SolanaStatus’s official Twitter also revealed the incident resulted in a dumping of transactions sent from bots, with observations of 400,000 transactions per second.
Indirectly, the issue caused Solana to face forking to the point of affecting the memory of the nodes and causing it to shut down.
Since its all -time high (ATH), $ 214.96 recorded on September 9, SOL has declined more than 27%.
